Reliance Industries (RIL) stock, the top contributor to the Nifty 50 index, has surged over 7% in the last day and keeps growing. Hitting a record high, the most valued company in the Indian stock market has reached a market cap of INR 19,5T.

Reliance Industries Ltd, India’s largest private sector corporation, on Jan.29 witnessed an extraordinary intra-day 7% stock growth, bringing the share price to a record high of 2 897 ?.

With the surge in stock price, its market capitalisation crossed ?19,5 lakh crore (trillion). The top stock of the Indian market has surged more than 24% in three months, outperforming the general market. Moreover, three-year returns on Reliance shares now stand at over 53%.

The stock growth has been partly triggered by positive financial results announced on Jan.19. The corporation involved in the oil refining, petrochemical, gas, retail and textile businesses reported an 11% year-on-year (YoY) rise in net profit at ?19,641 crore for the third quarter of FY24.

The company’s gross revenue in Q3FY24 also increased 3.2% YoY to ?2,48,160 crore. The positive results signalled continued growth momentum in the company’s consumer businesses, in particular, retail and oil & gas segments.

At the same time, Reliance has announced its ambitious new energy plans, targeting phased commissioning of its solar manufacturing capacity in the second half of 2024. Another part of its green initiatives concerns gigawatt-scale electrolysers and green H2 facilities, aiming to reduce the production cost of green H2 to $1 per kg.

Those initiatives will be partly financed with the help of government incentives under the SIGHT scheme of the National Green H2 Mission.

According to D-Street analysts, 2024 will be an eventful year for Reliance Industries as the past two years of investments will finally pay out.

As soon as the latest financial results were out to the public, Elara Securities analysts forecasted the RIL stock may rise as high as ?3,354, which is a 23% upside from the closing price of Jan. 19. The firm also raised the FY25 and FY26 RIL EPS outlooks to 4% and 5%, respectively.

We have earlier reported that India’s largest renewable energy developer, Adani Green Energy, said its shareholders will invest INR 9,350 crore ($1.13 billion) in the company to boost its capacity, achieving its stated target of 45 GW by 2030.